Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheets - Parent Company Only

Condensed Balance Sheets—Parent Company Only

	December 31,
	2017		2016 (1)
	(in thousands)
Assets
Cash and due from banking subsidiary	$	533	$	1,718
Interest-earning deposits	8,765		729
Total cash and cash equivalents	9,298		2,447
Investment in banking subsidiary	1,971,788		1,238,712
Investment in other subsidiaries	5,157		4,978
Goodwill (1)	4,729		7
Other assets	3,426		5,139
Total assets	$	1,994,398	$	1,251,283
Liabilities and Shareholders’ Equity
Subordinated debentures	$	35,647	$	—
Junior subordinated debentures	8,248		—
Other liabilities	581		271
Total liabilities	44,476		271
Shareholders’ equity	1,949,922		1,251,012
Total liabilities and shareholders’ equity	$	1,994,398	$	1,251,283

_________

(1) Reclassified to conform to current period’s presentation. The reclassification was limited to adding a separate line for Goodwill, which was previously included in other assets.

Condensed Statements of Income - Parent Company Only

Condensed Statements of Income—Parent Company Only

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Income
Dividend from banking subsidiary	$	66,800		$	83,500		$	67,000
Interest-earning deposits	2			4			5
Other income	8			8			92
Total income	66,810			83,512			67,097
Expense
Compensation and employee benefits	732			543			618
Subordinated debentures interest expense	304			—			—
Other borrowings interest expense	60			—			5
Other expense	3,090			1,608			1,368
Total expenses	4,186			2,151			1,991
Income before income tax benefit and equity in undistributed earnings of subsidiaries	62,624			81,361			65,106
Income tax benefit	(548		)	(748		)	(663		)
Income before equity in undistributed earnings of subsidiaries	63,172			82,109			65,769
Equity in undistributed earnings of subsidiaries	49,656			22,757			33,058
Net income	$	112,828		$	104,866		$	98,827

Condensed Statements of Cash Flows - Parent Company Only

Condensed Statements of Cash Flows—Parent Company Only

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Operating Activities
Net income	$	112,828		$	104,866		$	98,827
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(49,656		)	(22,757		)	(33,058		)
Stock-based compensation expense	7,745			5,009			4,090
Net changes in other assets and liabilities	1,672			(394		)	(3,170		)
Net cash provided by operating activities	72,589			86,724			66,689
Investing Activities
Net cash paid in business combinations	(580		)	—			—
Net cash provided by investing activities	(580		)	—			—
Financing Activities
Preferred stock dividends	—			(157		)	(137		)
Common stock dividends	(51,308		)	(88,677		)	(77,263		)
Repayment of junior subordinated debentures	(6,186		)	—			(8,248		)
Cash settlement of acquired equity awards	(7,345		)	—			—
Purchase and retirement of common stock	(2,299		)	(1,125		)	(906		)
Proceeds from exercise of stock options	1,980			1,349			1,258
Excess tax benefit associated with share-based compensation	—			344			—
Net cash used in financing activities	(65,158		)	(88,266		)	(85,296		)
Increase (decrease) in cash and cash equivalents	6,851			(1,542		)	(18,607		)
Cash and cash equivalents at beginning of year	2,447			3,989			22,596
Cash and cash equivalents at end of year	$	9,298		$	2,447		$	3,989
Supplemental disclosure of noncash investing and financing activities
Share-based consideration issued in business combinations	$	636,385		$	—		$	—